Top universities face endowment tax hikes
CNBC's Kate Rooney joins 'Squawk on the Street' to discuss how much exposure VC firms have to university endowments, how those endowments may be threatened by tax hikes proposed by President Trump's new bill, and more.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
21 minutes ago
- Yahoo
Jamie Dimon says ‘don't put a good foot forward, put the truth forward' and reveals what would get him into public service
CEO Jamie Dimon was asked about leadership lessons at the end of a wide-ranging interview during the Reagan National Economic Forum on Friday. He talked about getting out, listening to people, observing, providing honest assessments, and having humility. He also explained what would lure him from the private sector to the public sector. Wall Street's longest-tenured CEO said it's better to give an honest assessment than to make the boss feel good. At the end of a wide-ranging interview during the Reagan National Economic Forum on Friday, CNBC's Morgan Brennan asked JPMorgan Chase CEO Jamie Dimon about leadership lessons. The first thing he said was, 'get out, get out, get out, get out, talk to people, talk to clients. I talk to everybody.' Noting that President Dwight Eisenhower, a Republican, regularly met with Democratic leaders, Dimon also discussed the importance of hearing opposing views as well as listening to complaints and learning about rivals. 'Observe, observe, observe, and have all your people do it,' he added. 'And it's a never-ending process. Because we have competitors from around the world, and they're smart, and they're tough, and they're coming.' Then he turned to what makes companies that were once pace-setters in their respective industries fail. Dimon pointed to arrogance, greed, complacency, and bureaucracy. Companies can 'bull—t' themselves about how they're earning money and why, while executives may feel pressure to make the boss feel good and avoid embarrassing someone, he explained. 'When people say to me, put a good foot forward, I always say, don't put a good foot forward, put the truth forward, 100% the truth,' Dimon said. 'Tell us, and we will deal with it. It's OK. So a deep, honest assessment.' He also put humility and curiosity on the list of traits leaders should have, saying 'people don't want to work for jerks' and don't want to work for bosses who blame others. Meanwhile, CEO succession at the world's biggest bank by market cap has been an ongoing parlor game on Wall Street, and Dimon recently reaffirmed that he is stepping down sometime in the next two to four years. But at the still relatively young age of 69, there has been widespread speculation that he might have a second act in the government, either in elected office or an appointed role. Earlier this year, he even admitted that he considered running for president of the United States, but decided against it because didn't want to spend so much time away from his family. And while running for re-election last summer, Donald Trump suggested he might consider Dimon for Treasury secretary, though he later ruled him out. On Friday, Dimon was asked what it would take for him to enter public service. His answer hinted at some humility. 'Alright, ready? I'll tell you: if I thought I could really win, which I don't think I could,' he said. This story was originally featured on Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
24 minutes ago
- Yahoo
Opinion - Business leaders are reshaping Washington and delivering for taxpayers
President Trump's historic comeback victory included a mandate from the American people to reform the federal government. The inefficiencies of our broken bureaucracy are all too apparent to everyday Americans, and it was a big reason why they hired a new administration that specifically ran on fixing the system. Americans know the problems our government faces today are urgent and require immediate action. They have watched as the federal bureaucracy has exploded in size and as their tax dollars are wasted on frivolous spending. All of us realize that maintaining our current course is no longer sustainable. We are trillions of dollars in debt, and steadily approaching a point of no return. As Americans cut costs and work tirelessly to balance their own budgets after four years of economic uncertainty, they are now rightly demanding that the federal government do the same. But like the old cliche about the definition of insanity, there is no reason to think that the same processes and personnel who have spent decades in government bureaucracies will be able to reform themselves without some outside help. The status quo won't shake up the status quo. We need an infusion of new ideas, personnel and leadership in our capital city. Specifically, we need to lean on one of America's great strengths and resources: our incredibly successful, world-leading private sector. American businesses are second to none. We need to tap into the insights, methods and expertise of our business leaders and technical experts to turn the government around. Thankfully, President Trump and his administration are doing just that. A number of the president's cabinet secretaries are Washington outsiders who bring heavyweight private sector resumes to their new roles. The same goes for key subcabinet posts. For example, President Trump's nominee to run the federal Office of Personnel Management is a venture capitalist and tech executive with a quarter century of high-stakes business leadership under his belt. The most notable place where the president has brought in fresh energy and ideas from the private sector is the Department of Government Efficiency. Everybody knows about its leader, the hugely successful and outspoken entrepreneur Elon Musk. But a wealth of other top tech talent is working away behind the scenes, helping to find new efficiencies, examples of waste to cut and opportunities to update and upgrade how our government works. The team includes the sharp, young engineers who have attracted political and press attention, but it also includes veteran executives and marquee leaders who have answered the call to serve. Tom Krause, CEO of Cloud Software Group, is helping reform the Treasury Department's ancient payment processes. Joe Gebbia, co-founder of Airbnb, is helping to digitize the tangled processes around federal retirements. All of us are lucky that such well-respected minds in business and management are helping refocus our government around stewarding funds wisely and getting results. This is a turnaround project like no other, and it needs all hands on deck. I had the privilege of serving on the U.S. House Energy and Commerce Committee during my tenure representing the Commonwealth of Pennsylvania. I saw firsthand the misuse of federal funds, the inefficiency of the bureaucracy and the blatant waste of taxpayer dollars. But making meaningful cuts in a smart, targeted way can be tricky business. We want to crack down on waste, fraud and overreach but preserve genuinely important programs that support hardworking families, encourage innovation in key fields like energy, national security and AI, and give taxpayers a strong return for their money. Separating the wheat from the chaff takes skilled analysis and strong, outcome-driven leadership. These are not virtues for which Washington is famous. Luckily, the business world has them in spades. Despite consternation from some in the media about bringing private-sector expertise into government, this is absolutely nothing new. High-profile businesspeople have served and advised presidential administrations of both parties, bringing their fresh perspectives to bear on problems that have stumped the permanent class inside Washington. President Obama brought General Electric CEO Jeff Immelt to lead an economic advisory board, along with entrusting the executive chairman of Alphabet, Eric Schmidt, to lead a major Pentagon innovation board. President Biden staffed his Council of Advisors on Science and Technology with a whole list of private sector leaders, including from tech giants Google, Microsoft and Nvidia. President Trump and DOGE are working to fix the broken systems our government relies on. They are absolutely right to call upon our country's deep well of human capital in the form of our top business leaders to do it. The American people have spoken, and they want significant and meaningful reform. A majority of Americans support DOGE's mission to increase accountability and enact long-lasting federal reforms. Already, thanks to DOGE's efforts, billions of dollars worth of savings have been found. But if we're actually going to redirect the slow-moving shipwreck of federal waste and budget deficits, these early efforts must only be the beginning. We need to keep drawing on outside perspectives and the business world's results-driven mindset to cut through the jungle of red tape and deliver meaningful results for Americans everywhere. Ryan Costello is an attorney and a former Republican member of Congress representing Pennsylvania. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Yahoo
24 minutes ago
- Yahoo
Trump to meet with Germany's Merz in Washington next week
President Trump is set to meet with German Chancellor Friedrich Merz next week in Washington, marking the first in-person meeting between the two leaders. Merz, the leader of the center-right Christian Democratic Union (CDU), who was elected as Germany's leader in early March, is expected to visit Trump at the White House on Thursday, June 5, Germany government spokesperson Stefan Kornelius said Saturday in a press release. The discussions between the two countries' leaders will focus on bilateral relations between the two, along with discussions around the ongoing Russia-Ukraine war, developments in the Middle East and trade policy, according to Kornelius. A White House official confirmed the meeting details to The Hill on Saturday. Merz, similar to Trump, has been pushing for a ceasefire deal in the more than three-year-long war between Russia and Ukraine. Ukrainian President Volodymyr Zelensky had a meeting with Merz on Wednesday in Berlin. There, Merz said that Germany will bolster its backing of Ukraine as part of a more than $5.5 billion agreement, including sending over more military equipment and increasing weapons manufacturing in Kyiv. Germany's chancellor has clashed with members of Trump's administration over the country's government marking the far-right Alternative für Deutschland (AfD) party as an 'extremist' political entity. 'Germany just gave its spy agency new powers to surveil the opposition. That's not democracy—it's tyranny in disguise,' Secretary of State Marco Rubio wrote earlier this month on social media platform X. 'What is truly extremist is not the popular AfD—which took second in the recent election — but rather the establishment's deadly open border immigration policies that the AfD opposes.' Vice President Vance piled on, accusing the government of trying to 'destroy' AfD, which also considers tech billionaire and Trump ally Elon Musk a strong supporter. Merz has pushed back on Trump administration's officials meddling in Germany's domestic politics. 'We have largely stayed out of the American election campaign in recent years, and that includes me personally,' Merz said in an interview with Axel Springer Global Reporters Network that was published on May 7. He added that he told U.S. officials that 'we have not taken sides with either candidate. And I ask you to accept that in return.' Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
